According to a report by Retailers Association of India, consumers are excited about this year’s festive season as compared to last year. This is a good sign for the retailers as they are counting on the festive season to bring back the business on track.
As per the Annual Festive Shopping Index put forward by RAI and LitmusWorld, which captures consumer sentiment on several decisions including purchase behaviour during the festive season. Apparel category topped the shopping list, followed by the home appliances category. The survey, which covered 1,000 customers across Tier I, II and III cities in India, had apparel topping the shopping list, followed by home appliances and electronics at 50% each and 36% preferred mobile phones.
RAI also stated that jewellery is back among the top things to buy this festive season for 27% of respondents this year, as opposed to a mere 9% last year. .
Talking about the spending patterns for the consumers, the survey mentioned that 43% of the customers are willing to spend in the range of Rs.15,000 to Rs.1 lakh and 9% are willing to spend more than Rs.1 lakh during this festive season. Last year, the data indicated that only 5% were ready to spend more than Rs.1 lakh.
Kumar Rajagopalan, RAI CEO, keeping the report in context mentioned, “Consumers have indicated an overwhelming eagerness to shop in this year’s consumer survey as more than half of the respondents plan to shop for themselves as well as for their loved ones”. He further added that “Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow”.